Help Submit Save & Exit Saved 14 Check my work At the beginning of 2021, VHF Industries acquired a machine with a falr value of $9,112,050 by issuing a four-year, noninterest-bearing note in the face amount of $12 million. The note is payable in four annual installments of $3 million at the end of each year. (FV of $1. PV of St. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What is the effective rate of interest implicit in the agreement? 2. to 4. Prepare the necessary journal entries. 5. Suppose the market value of the machine was unknown at the time of purchase, but the market rate of interest for notes of similar risk was 11%. Prepare the journal entry to record the purchase of the machine. Complete this question by entering your answers in the tabs below. Required 1 Required 2 to Required 5 What is the effective rate of interest implicit in the agreement? inte % Required 2 to 4 > Chapter 14 3 EXIT autom Check my work 9 Complete this question by entering your answers in the tabs below. Required Required 2 to 4 Required 5 2.24 points Prepare the necessary journal entries, (ir no entry is required for a transactior/event, select "No journal entry required in the first account field. Enter your answers in whole dollar) Skloped View transaction list Book Journal entry worksheet Record the first installment payment at December 31, 2021. Notes Enter debit before codi General Journal Debit Credin Date December 31, 2021 consiste G